Majority Capital Advisors arranged a $119,093,000 full capital stack solution to finance the bulk acquisition of an entire condominium in Chicago, IL. Having obtained title to all 391 units in the complex, the sponsor will implement a value-add renovation program and deconvert the condominium into a multifamily rental property.
We arranged JV equity for the transaction with a domestic private equity group and a 76% LTC bridge loan.
The structured deal provides the sponsor with the financing needed to renovate and reposition the asset over the next 3 years. Planned improvements include updating the lobby and other common areas along with unit renovations.